Marcus & Millichap is pleased to present Sun River Apartments located at 1627 D Street in Hayward, California. Sun River Apartments sits on a large 1.15-acre lot and is comprised of a two-story building with tuck-under parking and two single-story buildings with four-single car garages in each building. The property’s unit mix totals 15 units: six (one-bedroom/one-bathroom units approximately 550 square feet and nine spacious two-bedroom/one-bathroom units approximately 950 square feet. Tenant amenities include covered on-site parking, off-street parking, and an on-site laundry facility. Sun River Apartments is an exceptional value-add opportunity in the East Bay market. Currently, the rents are well-below the market and have the potential to be increased north of $400 across the board. Although Hayward is a rent-controlled city, the next investor can take advantage of 13 “de-controlled units” within the complex.
Sun River Apartments is located in the Upper B Street area of Hayward, less than a five minute drive away from Downtown Hayward. Residents of Sun River Apartments will have access to various shopping, eateries, and entertainment within Downtown Hayward. The Hayward BART station is approximately 1.25-miles away from the property allowing commuters to take the BART train throughout the Bay Area. Hayward is in a prime location within the Bay Area, residents will enjoy being centrally located to San Francisco, Oakland, San Mateo, Redwood City, Palo Alto, Mountain View, San Jose, Berkeley and Fremont. California State University, East Bay is also within a 10-minute drive of the subject property.
Hayward has a population of approximately 150,000 and is known as the “Heart of Bay” because of its central and convenient location in Alameda County. Hayward is within 25-miles Southeast of San Francisco, 26-miles North of San Jose, 14-miles South of Oakland. Centrally located, the city has experienced significant rent and population growth because of the “spillover effect.” Renters from San Francisco, Oakland, the Peninsula, and Silicon Valley come to Hayward to find more affordable housing and easy access to public transportation. In addition to the “spillover effect”, rent growth is being driven by the overall lack of housing in the region itself. Sun River Apartments will benefit from being in a central location, increasing demand, and increasing employment. This is a well-positioned investment for long-term appreciation and consistent cash-flow.
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